Analysts Cut Oil Price Forecasts for Fifth Month in a Row

Despite the geopolitical risk premium, oil prices are set to remain under pressure, weighed down by slower-than-expected demand and uncertainty about OPEC+’s unwinding of the production cuts, according to the analysts in the monthly Reuters poll who cut their price forecasts for a fifth consecutive month. In last month’s poll, weaker Chinese oil demand and high inventories globally prompted economists and analysts to cut their estimates of oil prices this year. This month’s poll also showed further reductions in oil price forecasts,…